Cognizant among top 5 global financial technology providers

Chennai: Cognizant has announced it has ranked fifth on the FinTech 100, an annual international ranking of the top technology providers to financial services companies worldwide as named by American Banker, Bank Technology News, and IDC Financial Insights. This marks the eighth consecutive year Cognizant has been on the FinTech 100 since the ranking’s debut in 2006.

The FinTech 100 represents an elite group of companies that derive at least 33 percent of their revenue from the financial services industry. Developed by American Banker and Bank Technology News in conjunction with Financial Insights, an IDC company, the ranking is categorized and evaluated based on 2012 calendar year-end revenues and the percentage of revenues exclusively attributed to financial services. Financial Services is one of the key industry sectors served by Cognizant and represented 41.3 percent of Cognizant’s revenue in calendar year 2012.

In a statement, Rajeev Mehta, Group Chief Executive – Industries & Markets, Cognizant said, “Our success in the financial services industry is built on our passion to help the world’s leading financial services companies challenge the status quo and make sure they stay relevant in the marketplace and their business models viable for the future. Financial services companies must increasingly transform themselves in the face of regulatory demands, intensifying competitive pressures, game-changing technologies such as social, mobile, analytics and cloud (SMAC), and a new generation of Millennial customers. Our continuous investment in strong client relationships, global services delivery excellence, industry-specific capabilities, and deep technology expertise positions us well to conceptualize, architect, and implement new and expanded capabilities for our clients. By enabling them to enhance customer experience, increase revenue, improve products and services, expand market share, and adopt variable cost structures, we help them ‘run better’ and ‘run different’.”

Cognizant’s Financial Services practice, which includes banking, insurance, and transaction processing, is the company’s largest industry segment, serving leading financial institutions and insurers in North America, Europe, and Asia-Pacific. Current clients include nine of the top-15 North American financial institutions, all 10 of the top-10 European banks, and seven of the top-10 global insurers. The practice leverages Cognizant’s deep domain and consulting expertise to provide solutions across the entire financial services spectrum.